"The corporation targets to achieve profits of about Rs seven crore during 2007-08," he said while presiding over the annual general meeting of the Board of Directors of HP State Industrial Development Corporation here.

Lauding the efforts of the management and staff, he said the HPSIDC had made tremendous improvement in its operations during the last four years under the state Congress Government.

Mr Singh expressed the hoped that the corporation employees would maintain the momentum and help it earn profit in the coming years too.

The Board approved performance incentive to all employees of the corporation to improve its functioning.

Speaking on the occasion, Director of the Corporation Anil Khachi said that it had wiped out its accumulated losses as on August 31, this year, and had so far earned a profit of Rs 1.42 crore.

The Board also reviewed the progress of development of the new industrial estate at Davni near Baddi in Solan district which had involved a capital outlay of around Rs 60 crore.